The global Healthcare Predictive Analytics Market, which is the use of statistical methods and technology to analyze and predict outcomes for individual patients, is expected to reach USD 28.77 billion by 2027 with a compound annual growth rate (CAGR) of 28.9%.

The market is driven by the increasing amount of data available in the healthcare industry, as well as the growing necessity to base reasoning on evidence taken from physical measurements. Healthcare predictive analytics is being widely used in the industry due to its ability to save time and minimize costs.

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However, the high cost of analytics solutions, dearth of skilled personnel, and operational gaps between payers and providers are the major hindrances for market growth.

Despite the challenges, healthcare predictive analytics is able to alleviate problems such as inaccurate diagnoses and poor drug adherence, and is used in personalized drug regimes, follow-up alerts and real-time diagnosis monitoring. As a result, the quality of life for patients suffering from chronic conditions and their relatives is improving, as well as reducing long-term healthcare costs and improving the quality of care. The acquisition and representation of knowledge in clinical decision support systems is also an actively evolving research field, with the scope of designing knowledge-based systems in medicine evolving from a mere diagnostic task to the broader issue of patient management.

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The financial application type segment is the dominant segment for healthcare predictive analytics as of 2019, with the European regional market being the prominent revenue-generating source, followed by North America, Asia-Pacific, and other regions. The 'payers' end-use sub-segment was valued the highest in 2019 and is expected to remain the highest growing sub-segment by 2027.

Asia-Pacific is expected to account for the third-largest share of the global healthcare predictive analytics market, with developing nations such as China and India witnessing significant growth. However, the reluctance to adopt healthcare predictive analytics in emerging countries and the dearth of skilled professionals are likely to hinder market growth during the forecast period.

Key players in the healthcare predictive analytics market include Cerner Corporation, McKesson Corporation, Verisk Analytics, Inc., IBM, Oracle, MedeAnalytics, Inc., SAS, Optum, Inc., Allscripts, and Inovalon.

The market is segmented by application type, end-use, and region, with operations management, financial, population health, and clinical data being the different application types, and payers, providers, and others being the end-use segments. North America has the highest CAGR for the market at 3%, followed by Asia-Pacific and Europe, respectively.

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